SIH11 – March Silver (Last:29.010)

March Silver (SIH11) price chart with targetsShortly after 1 a.m. Eastern, a potential camouflage opportunity was developing in March Silver. This play would be from the long side, and I have sketched out some hypothetical details in the accompanying chart. If you get on board and the trade survives the stop, thrusting above the 29.495 peak made Wednesday on the way down, hold onto at least a contract or two for a potential home run. ______ UPDATE (10:34 a.m.ET):  No home run this time.  The rally failed to even reach the c-d midpoint of thre pattern, subjecting traders to a 29.035 stop and a theoretical loss of $650.  Why?  The post-mortem suggests that the point ‘A’  I used did not exist, strictly speaking, since the pullback that created it was much less than 0.618 of the large k-A segment immediately below it.  The real ‘A’ here was therefore 28.625, implying that the true entry trigger came at 28.870 this morning, yielding a 29.055 midpint (already exceeded) and a 29.425 target.